According to Financial Times, Bosch, one of the EU’s top employers, is investing €2 billion (£1.6 billion) in its European operations, with the goal of retraining some of its 400,000 employees as the drive to electrification accelerates.
In the previous five years, the parts supply behemoth has spent €1 billion on programmes to reskill its legacy IT personnel, and it plans to spend another €1 billion over the next half-decade.
It comes as the European automobile sector continues to express reservations about the continent’s plans for electrification.
CLEPA (the European Association of Automotive Suppliers) released a statement in December estimating that “powertrain components production” could lose up to half a million jobs.
CLEPA estimates that even if 226,000 jobs are produced as a result of the change to EV adoption, there will still be a net loss of 43 percent of jobs.
Bosch has already joined the chorus of critics, with former CEO Volkmar Denner pushing the EU to “urgently review” its ideas last year in order to save industry employment.
However, since then, Denner’s successor, Stefan Hartung, has told media that the company now “supports these [EU] aims without any ifs and buts,” asserting that the company would assist make electric cars the majority market segment in Europe.
In December 2021, electric vehicle sales in Western Europe surpassed those of the previously preferred diesel. Despite the total market being down 1.7 percent from 2020 and the weakest in 36 years, Germany and France had 84 percent and 46 percent growth in electric car sales last year.